Truist Financial Corp Lowers Stock Holdings in Tilray Inc (NASDAQ:TLRY)

Truist Financial Corp decreased its position in shares of Tilray Inc (NASDAQ:TLRY – Get Rating) by 16.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,540 shares of the company’s stock after selling 3,355 shares during the period. Truist Financial Corp’s holdings in Tilray were worth $136,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TLRY. Teacher Retirement System of Texas grew its stake in shares of Tilray by 34.5% during the fourth quarter. Teacher Retirement System of Texas now owns 89,974 shares of the company’s stock valued at $633,000 after buying an additional 23,097 shares during the last quarter. Virginia Retirement Systems ET AL grew its stake in shares of Tilray by 13.1% during the fourth quarter. Virginia Retirement Systems ET AL now owns 19,900 shares of the company’s stock valued at $140,000 after buying an additional 2,300 shares during the last quarter. AdvisorNet Financial Inc grew its stake in shares of Tilray by 30.4% during the first quarter. AdvisorNet Financial Inc now owns 20,736 shares of the company’s stock valued at $161,000 after buying an additional 4,840 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in shares of Tilray by 25.6% during the first quarter. Cornerstone Wealth Management LLC now owns 32,185 shares of the company’s stock valued at $250,000 after buying an additional 6,562 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC bought a new position in shares of Tilray during the fourth quarter valued at about $72,000. Hedge funds and other institutional investors own 13.84% of the company’s stock.

Insider Activity

In related news, Director Brendan Kennedy sold 350,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $3.09, for a total value of $1,081,500.00. Following the completion of the transaction, the director now directly owns 7,624,196 shares in the company, valued at approximately $23,558,765.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group reduced their price objective on Tilray from $9.00 to $7.00 in a research note on Wednesday, June 15th. Alliance Global Partners cut their target price on Tilray from $8.00 to $5.50 and set a “neutral” rating on the stock in a research note on Monday, May 2nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $5.75 target price (down from $6.15) on shares of Tilray in a research note on Friday, June 24th. Benchmark cut Tilray from a “hold” rating to a “sell” rating and set a $3.00 target price on the stock. in a research note on Friday. Finally, Barclays cut their target price on Tilray from $8.50 to $4.50 and set an “underweight” rating on the stock in a research note on Wednesday, April 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.27.

Tilray Price Performance

TLRY stock opened at $3.65 on Monday. The firm has a 50 day moving average price of $3.63 and a 200-day moving average price of $5.10. Tilray Inc has a 52-week low of $3.00 and a 52-week high of $15.51. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 19.21 and a beta of 2.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.50 and a current ratio of 2.46.

Tilray (NASDAQ:TLRY – Get Rating) last released its earnings results on Thursday, July 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.82). Tilray had a net margin of 6.80% and a negative return on equity of 0.78%. The business had revenue of $153.30 million for the quarter, compared to analysts’ expectations of $151.53 million. During the same quarter in the previous year, the business posted ($0.11) earnings per share. Tilray’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts forecast that Tilray Inc will post -0.17 EPS for the current fiscal year.

Tilray Profile

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Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Nanaimo, Canada.

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